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Problem 9-1B Record and analyze installment notes (LO9-2)

Required information Problem 9-1B Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $420,000, paying $100,000 down and borrowing the remaining $320,000, signing a 7%, 20-year mortgage. Installment payments of $2,480.96 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1B Part 1 Required: 1. Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Required information Journal entry worksheet Record the purchase of the building. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Problem 9-13 Part 2 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 01/31/2021 02/28/2021 3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet Record the first monthly mortgage payment. Note: Enter debits before credits. Date General Journal Debit Credit lanlan,21024 Required information Journal entry worksheet Record the first monthly mortgage payment. Note: Enter debits before credits. General Journal | Debit Credit Date January 31, 2021 II III HUYOOOOOO O O YOU TOILE. OLOHIEILUTIEI each month, with the first payment due on January 31, 2021. umi pajith Or DL,100.00 LIL UOLUL thor Problem 9-1B Part 4 4. Total payments over the 20 years are $595,430 ($2,480.96 ~ 240 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interest expense Actual payments on the loan

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